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The rights issue is a key component in a three part capital management plan designed to raise between $300m and US$500mn. The plan includes a rights issue of up to $300m, the placement of up to two $100m convertible murabaha facilities and the sale of non-core assets. In addition to the $300m received in the rights issue in recent weeks GFH announced the planned placement of the first $100m murabaha with Macquarie Group and the partial sale of Qinvest to Qatar Islamic Bank for approximately $50m.
GFH Group CEO Ahmed Fahour commented on today's announcement saying,
"When we embarked on our capital raising initiatives, we knew success would be governed by the level of faith our shareholders and strategic partners had in both the refined business plan and the team responsible for its implementation."
"With over $450m of new capital that will be available shortly, alongside advanced discussions on the placement of the second $100m murabaha facility and further non-core asset sales, GFH has a clear mandate to pursue its goal of emerging as the world's leading Islamic investment bank."
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Posted by Rima Ali Al Mashni
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